Statement from China: 'The teams of both sides are now having smooth communications and good cooperation with each other. We are full of confidence that an agreement can be reached within the next 90 days.' I agree!" Trump said via Twitter on Thursday.

On Saturday, Trump and Chinese President Xi Jinping agreed on a truce in their escalating trade war during their meeting on the sidelines of the G20 summit in Buenos Aires, Argentina.

Trump agreed to suspend plans to raise tariffs on $200 billion worth of Chinese products from 10 percent to 25 percent in order to pave the way for trade talks with Beijing, but warned that if the negotiations do not succeed within three months, the tariffs will be hiked as planned.

China and the United States have been engaged in a trade war after Trump announced in June that $50 billion worth of Chinese goods would be subject to 25 percent tariffs in a bid to fix the US-Chinese trade deficit. Since then, the two countries have exchanged several rounds of trade duties on hundreds of billions of dollars’ worth of goods.